Deposits in Cypriot banks are divided almost equally between guaranteed and unguaranteed funds in case of bank failure, according to European Banking Authority (EBA) data for 2024 published recently.
Total deposits in Cypriot banks in 2024 amounted to €55.90 billion, with guaranteed deposits standing at €28.69 billion, whilst the remaining €27.21 billion was not covered for depositor compensation in case of bank failure.
Available funds in the deposit guarantee scheme were €222.70 million in 2024, compared to €210.41 million in 2023, €189.91 million in 2022, €174.5 million in 2021 and €78 million in 2020.
The data shows that in 2023 guaranteed deposits were €27.89 billion out of a total €52.15 billion, whilst in 2022 they were €27.42 billion out of total deposits of €52.12 billion.
In 2021 guaranteed deposits were €27.22 billion, in 2020 €26.61 billion, in 2019 €26.11 billion, in 2018 €26.01 billion, in 2017 €16.80 billion, in 2016 €15.78 billion and in 2015 €15.10 billion.
EBA publishes comprehensive data
The European Banking Authority (EBA) published extensive 2024 data relating to two basic concepts and indicators of the Deposit Guarantee Schemes Directive (DGSD): the financial instruments available to national deposit guarantee systems and the covered deposits protected by them.
Bank of Cyprus stated in its first quarter 2025 results announcement that as of 31 March 2025, customer deposits are mostly from private individuals and 55% of deposits are protected by the deposit guarantee fund.
Hellenic Bank noted in its first quarter results that the group has mainly a retail customer deposit base and approximately 66% of total customer deposits are protected by the deposit guarantee scheme as of 31 March 2025.
The EBA publishes this data annually to enhance transparency and public accountability for the benefit of depositors, markets, policymakers, Deposit Guarantee Schemes (DGS) and member states.
The EBA notes that after a 10-year accumulation phase, EU DGS funds have reached a total of €79 billion in available resources.
Protection up to €100,000
The Deposit Guarantee Schemes Directive (DGSD) ensures adequate depositor protection in case of bank failure, guaranteeing that deposits up to a certain level will always be repaid, even if the bank holding them fails, and this will occur within seven days.
Covered deposits are guaranteed up to €100,000 or the equivalent in other currencies per depositor in each bank.
Data from 31 December 2024 shows that compared to 2023, the amount of covered deposits across the entire EU increased further by 3.2% to €8.6 trillion, following increases of 1.7% in 2023 and 2.5% in 2022.
In Greece, guaranteed deposits increased to €142.9 billion from €140 billion in 2023, and available funds in the deposit guarantee fund increased to €1.8 billion from €1.7 billion.
Read more:
